RSS
Twitter
Facebook
LinkedIn
Newsletter
Fibonacci Fans
Posted By: TradersLog
Fibonacci Fan Lines are displayed by first drawing a trendline between two extreme points, a high and low. An invisible vertical line is drawn through the second extreme point. Three lines are then drawn from the first extreme point (the leftmost point) passing through the invisible vertical line with their slopes at the Fibonacci levels, usually 38.2%, 50.0% and 61.8%. These lines indicate areas of support and resistance.
Related Articles: Trading with Fibonacci Numbers
Chart courtesy of Prophet Financial Systems (www.prophet.net)
Leave a Reply
By submitting a comment here you grant Traders Log a perpetual license to reproduce your words and name/web site in attribution. Inappropriate or irrelevant comments will be removed at an admin's discretion.